TFII vs VXX: Correlation
TFI International Inc. (TFII) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TFII and VXX?
On 3 years of weekly data the TFII/VXX correlation comes out at -0.32, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. The 5-year figure is -0.27, and annualized covariance runs at -676.1 %².
Among the 11 assets we track against TFII, VXX sits near the bottom by co-movement, at rank #10. The last year tells two different stories: TFII led by 95.6 percentage points, +45.9% for TFII against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
TFII vs VXX: side by side
| TFII (TFI International Inc.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +45.9% | -49.7% |
| 5-year return | +27.7% | -95.6% |
| Volatility (ann.) | 35.1% | 60.9% |
| Beta vs S&P 500 | 1.02 | -3.31 |
| Max drawdown (3Y) | -53.8% | -83.3% |
| Market cap | $11.2B | – |
| P/E (trailing) | 33.2 | – |
| Dividend yield | 1.38% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TFII | VXX |
|---|---|---|
| 2022 | -9.5% | -23.8% |
| 2023 | +37.3% | -72.5% |
| 2024 | +0.5% | -26.2% |
| 2025 | -22.7% | -42.2% |
| 2026 | +32.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TFII and VXX good diversifiers for each other?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between TFII and VXX?
The TFII/VXX correlation stands at -0.32 on a 3-year window (1 year: -0.23, 5 years: -0.27), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for TFII?
Yes: at -0.32, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.32 mean?
A reading of -0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tfii-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tfii-vs-vxx/)
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Related comparisons
Hubs: TFII correlations · VXX correlations
